What's going with BitMEX?

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3 years ago

Sometime last week in the first week of October, the United States DOJ (Dept of Justice) and the CFTC filed charges against the popular crypto exchange BitMEX including it's popular and quite vocal co-founder who is known to make controversial statements on the crypto space, Arthur Hayes.

All the co-founders of BitMEX were charged with violating the CFTC rules including AML and KYC rules including their Chief Technology Officer Samuel reed. Reed was arrested in the USA around Boston and later released on a $5M USD bond.

So the big question after this crackdown is how this will affect the other crypto exchanges who are operating and do business in the United States.

Both the CEO Arthur Hayes and the CTO Samuel Reed have been advised to step down from their respective roles.

This might open a huge pandora's box around crypto regulation and operating procedures around how it needs to be done in the future. It will be interesting to see how things shape up here and I will make sure to try and follow this issue and provide updates as and when I receive them.

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